US housing starts hit 8-month low; building permits weak
U.S. homebuilding fell for a third straight month in May to the lowest level in eight months as construction activity declined broadly, suggesting that housing could be a drag on economic growth in the second quarter. Housing starts weakened despite a dearth of properties on the market, which is hurting sales and boosting prices. Economists blame shortages of labor and land for the downturn. Demand for housing remains strong, underpinned by a tightening labor market.
7701 Las Colinas Blvd., Ste. 800, Irving, TX 75063